Goldman Sachs, Silverfern put Continental Bakeries on market

The sell-side is preparing the sale process, one source said, adding that the Dutch private-label baked goods producer expects to report approximately EBITDA of EUR 50m for 2021.

Continental's turnover has likely been stable during Covid-19, as retailers have been selling plenty of their own-brand products, another source said – adding, however, that some retailers were closed for a long time.

Both strategic buyers and sponsors could make sense as potential buyers, one source said, adding that a strategic might be a slightly better fit.

The company operates in a challenging sector, three sector bankers said. It finds itself in a mature market, where the price inflation of raw materials is also an issue, one added.

Goldman Sachs Merchant Banking Division and Silverfern acquired Continental Bakeries in June 2016. In October 2017, the company acquired Grupa Delicpol, Poland's leading producer of private-label baked goods.

Continental Bakeries is the largest European producer and distributor of private-label baked goods, according to Silverfern's website. It has strong positions in Germany, Benelux, and the Nordic region – its core geographies – selling biscuits, rolls, Swedish cookies, shortcakes, toast, and rusks. Its roots can be traced back to 1593.

Goldman Sachs declined to comment. Rothschild, Silverfern and Continental Bakeries did not respond to requests for comment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Benelux
• Consumer
• Goldman Sachs